TORONTO, ONTARIO, Nov 03, 2009 (MARKETWIRE via COMTEX News Network) -- Timminco Limited ("Timminco") (TSX: TIM) announced that the second
proposed class action commenced in the Ontario Superior Court on June
11, 2009 by Robert Gowan against Timminco and others has been stayed,
or stopped, by order of the court. The court has also ordered that no
other actions may be commenced in respect of Timminco securities
purchased during the class period proposed in the first proposed
class action commenced on May 14, 2009 against Timminco and others.
That first action, commenced by Ravinder Kumar Sharma, is on- going.
Timminco intends to vigorously defend the plaintiffs' attempts to get
court approval to proceed with this lawsuit.
About Timminco
Timminco produces solar grade silicon for the solar photovoltaic
energy industry. Using its proprietary, patent pending technology,
Timminco purifies silicon metal into solar grade silicon (also known
as upgraded metallurgical silicon) for use in the manufacture of
solar cells. Timminco also produces silicon metal, magnesium
extrusions and other specialty metals for use in a broad range of
industrial applications serving the aluminum, chemical,
pharmaceutical, electronics and automotive industries.
CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information", as such
term is defined in applicable Canadian securities legislation,
concerning Timminco's future financial or operating performance and
other statements that express management's expectations or estimates
of future developments, circumstances or results. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "believes",
"anticipates", "budget", "scheduled", "estimates", "forecasts",
"intends", "plans" and variations of such words and phrases, or by
statements that certain actions, events or results "may", "will",
"could", "would" or "might" "be taken", "occur" or "be achieved". In
this news release, such information includes statements regarding the
proposed class action lawsuits. Forward-looking information is based
on a number of assumptions and estimates that, while considered
reasonable by management based on the business and markets in which
Timminco operates, are inherently subject to significant operational,
economic and competitive uncertainties and contingencies. Timminco
cautions that forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause Timminco's
actual results, performance or achievements to be materially
different from those expressed or implied by such information,
including, but not limited to: global economic conditions; liquidity
risks; credit risks; customer commitments for solar grade silicon;
customer deposits; solar grade silicon production costs; quality of
solar grade silicon; selling prices for solar grade silicon and
silicon metal; producing ingots with the Company's solar grade
silicon; production capacity expansion at the Becancour facilities;
pricing and availability of raw materials; limited history with solar
grade silicon production; protection of intellectual property rights;
dependence upon power supply; customer concentration; returns of
scrap material; closure of former magnesium facilities; investment in
Applied Magnesium; interest rate risks; financing for capital
expenditures; foreign currency exchange; environmental liabilities;
class action lawsuits; dependence upon key executives and employees;
completion and integration of potential acquisitions, partnerships or
joint ventures; risks with foreign operations and suppliers;
environmental, health and safety laws and liabilities; equipment
failures; transportation disruptions; conflicts of interest;
intellectual property infringement claims; new regulatory
requirements; labour disputes; changes in tax laws; and climate
change. These factors are discussed in greater detail in Timminco's
Annual Information Form for the year ended December 31, 2008, and
Timminco's most recent Management's Discussion and Analysis, each of
which is available via the SEDAR website at www.sedar.com. Although
Timminco has attempted to identify important factors that could cause
actual results, performance or achievements to differ materially from
those contained in forward-looking information, there can be other
factors that cause results, performance or achievements not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate or that management's
expectations or estimates of future developments, circumstances or
results will materialize. Accordingly, readers should not place undue
reliance on forward-looking information. The forward-looking
information in this news release is made as of the date of this news
release and Timminco disclaims any intention or obligation to update
or revise such information, except as required by applicable law.
Sedar File Profile #00000838
Contacts:
Timminco Limited
Robert Dietrich
Executive Vice President - Finance and CFO
(416) 364-5171
(416) 364-3451 (FAX)
rdietrich@timminco.com
The Equicom Group Inc.
Joe Racanelli
(416) 815-0700 ext. 243
(416) 815-0080 (FAX)
jracanelli@equicomgroup.com
SOURCE: Timminco Limited
mailto:rdietrich@timminco.com
mailto:jracanelli@equicomgroup.com
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